Technically the daily uptrend is still intact. HUI, XAU, and GOX actually finished the day higher but GDX closed lower. Silver pulled back less then it normally does on events like this.
CBOT June gold (ZGM7) intraday (120 minutes) chart
Gold in nominal USD terms is trading near record levels. If you refer to long term gold charts you will easily notice that gold have been trading at current levels for very short periods of time. I mention this because I think that physical buyers see current levels as unsustainable and thus shy of buying large amounts of gold. Some more time might be needed to digest the current price level. Hence, egg pattern, prolonged incubation process then an inevitable hatch.
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